For the coming year, applicants will have additional time to submit their project details: October 31, 2007 is the new final deadline.
Additionally, the forms (formally known as IRS Notices 2007-52 and 2007-53) will detail the required procedures for credit allocation regarding both advanced coal projects and gasification projects. To bring the information current, the agency also updated the application and processes.
For example, the new methods the DOE will use for allocation will give preference to projects that include carbon dioxide capture and sequestration, as each project will receive a rank “relative to other certified projects and up to approximately $650 million of credits will be allocated to projects based on the DOE ranking,” it said.
“To further advance our nation's energy security, this administration had made sustained investments in research, development and wider use of advanced coal technologies a priority," DOE deputy secretary of energy Clay Sell said.
“Through new and innovative programs such as the Clean Coal Power Initiative and FutureGen demonstration, private sector partnerships, and use of tax credits and loan guarantees, the Department of Energy is advancing research to further develop and deploy advanced coal technologies to meet growing energy demand.”
The tax credits were included in the Energy Policy Act of 2005, signed by US President George W Bush in August of that year.
